V presidentThe Federal Government is set to commence the implementation is a 59-point strategy that would achieve its Economic Recovery Growth Plan.  One of the key priorities in the plan is the attainment of the daily production of 2.2 million barrel per day with the intention of raising it to 2.5 million barrels per day by 2020. Nigeria’soilproduction has been tied at 2.2 million bpd since 1980s.

The plan also includes privatisation of some federal government businesses and acceleration of non-oil revenue generation through expanding the tax base blocking leakages in tax avoidance and nonpayment. The implementation of the plan will herald a drastic reduction in the cost of running government, align monetary and fiscal policies and expand the country’s stock of critical infrastructure especially power, roads and rail.

The strategy also include restoration of local refining of petrol and the implementation of National Industrial Revolution Plan to create jobs, promote exports, boost growth and upgrade skills.

The strategy is part of the economic reforms the need to put in place before it will borrow from the World Bank. Unconfirmed sources claimed that Nigeria intends to borrow $2 billion from the World Bank.

By Dike Onwuamaeze

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